Coin values · 35% silver · 1942–1945
War nickel value: 1942–1945 silver melt value today
Jefferson nickels struck from late 1942 through 1945 are 35% silver and hold 0.0563 troy oz each. Nickel was needed for the war, so the Mint switched to a silver, copper and manganese alloy. You can spot these coins by the large mintmark above Monticello. At the Nov 3, 2026 close ($49.78/oz silver), one coin’s 0.0563 oz of silver was worth $2.80.
War nickel specifications
| Years struck | 1942 (from October 1) to 1945 |
|---|---|
| Designer | Felix Schlag (Jefferson nickel) |
| Mints | Philadelphia (P), Denver (D), San Francisco (S) |
| Composition | 56% copper, 35% silver, 9% manganese |
| Weight | 5.00 g |
| Diameter | 21.2 mm, plain edge |
| Silver content (ASW) | 0.0563 troy oz |
| Face value | 5 cents |
| Melt value | $2.80 at the Nov 3, 2026 close ($49.78/oz silver); live value above |
Weights, fineness and mintages come from the primary records listed under Sources; melt is computed from the gold or silver content.
War nickel melt calculator
Melt = pure metal content × recent spot (silver $49.78/oz). This is the bullion floor; collectible coins can be worth far more. Federal rules restrict melting only 1¢ and 5¢ coins (31 CFR Part 82; 1942–1945 silver war nickels are exempt). This estimates intrinsic value.
What a war nickel’s silver has been worth since 1968
A war nickel held about $0.11 of silver in 1968, peaked near $5.81 in 2026, and its metal is worth $2.80 today. That is melt only; a scarce date or high grade can carry a collector premium on top.
War nickel melt value by decade
Melt of one coin at each decade’s December close. The peak month was Jan 2026 at $5.81; the low was Oct 1971 at $0.07. Melt has been above the $0.05 face value in every month since 1968, and is now about 56 times face.
| Close | Silver price | Melt per coin |
|---|---|---|
| Dec 1970 | $1.63 | $0.09 |
| Dec 1980 | $15.50 | $0.87 |
| Dec 1990 | $4.19 | $0.24 |
| Dec 2000 | $4.58 | $0.26 |
| Dec 2010 | $30.63 | $1.72 |
| Dec 2020 | $26.49 | $1.49 |
| Nov 3, 2026 | $49.78 | $2.80 |
Prices: LBMA benchmark history, then Bullion Trading LLC 5 pm ET spot closes (monthly observations).
About the war nickel
Title XII of the Second War Powers Act (March 27, 1942) called for a nickel of half silver and half copper and let the Mint vary the mix to save nickel for the war. The Mint settled on 56% copper, 35% silver and 9% manganese and began striking on October 1, 1942; in 1946 the nickel went back to 75% copper and 25% nickel.
War nickels carry a large P, D or S above Monticello’s dome on the reverse; the P was the first Philadelphia mintmark on any US coin. A 1942 nickel without that large letter is the regular copper-nickel alloy, and a 1944 nickel with no mintmark at all is a known counterfeit.
Federal rules prohibit melting or exporting US 1¢ and 5¢ coins (31 CFR 82.1), but 31 CFR 82.2(d) exempts 1942–1945 nickels made of the copper, silver and manganese alloy.
Key dates and mintages
- 1943/2-P: an overdate with a 2 under the 3.
- 1942-P and 1942-S: the first war-alloy issues; 1942-D was struck only in copper-nickel.
- Full Steps (FS): coins with complete steps on Monticello carry premiums in high grade.
When is a war nickel worth more than melt?
Circulated war nickels trade on their silver content, usually in rolls or bags. The 1943/2-P and Full Steps coins carry premiums; we do not publish collector prices.